Over 7,000 working in agri-sector eligible to join new retirement savings scheme
An estimated 7,622 people working in agriculture, hunting, and forestry are eligible to sign up to the government's new retirement savings scheme it has been confirmed.
The My Future Fund is the government's auto-enrolment retirement savings system for employees who do not already have a workplace pension scheme or additional pension arrangements.
According to Dara Calleary, Minister for Rural and Community Development and the Gaeltacht and Minister for Social Protection, the new system aims "to address the pension coverage gap that exists in Ireland".
The government has warned that many workers in Ireland, particularly in the private sector, do not have additional pension coverage and, as a result, would be dependent on the state pension when they retire.
Under the terms of the system, people working in agriculture, hunting, and forestry will be automatically enrolled if they are: aged between 23 and 60; earning €20,000 or more per annum across all employments; and do not have existing supplementary pension coverage.
In response to parliamentary questions tabled by the Social Democrats TD, Eoin Hayes, Minister Calleary said that the "introduction of a pensions auto-enrolment system is a programme for government commitment, and one of my key priorities".
He said the new system will launch from January 1, 2026.
Retirement
Deputy Hayes had asked the minister for the estimated demographics of people who are expected to participate in the auto-enrolment scheme.
Minister Calleary shared the demographic breakdown of eligible participants in the agriculture, hunting, and forestry sectors with the deputy.
The numbers are as follows:
- 25-30 years; 1,888;
- 31-40 years: 2,264;
- 41-50 years: 2,048;
- 51-60 years: 1,422.
Separately Minister Calleary also confirmed that Tata Consultancy Services (TCS) was awarded the contract to provide a managed service to administer the National Automatic Enrolment Retirement Savings Authority (NAERSA).
"The cost of this contract will be in the region of €100 million to €150 million over 10 to 15 years.
"Annual staffing and corporate costs are expected to be in the region of €10 million per annum," Minister Calleary added.
